05 Jan What is Creditspring?
We have been getting a lot of questions lately – What exactly do you do? When will you launch? What even is Creditspring?
Simple questions, with straightforward answers. This blog post will share a bit of an insight into why we exist, and outline the dragon we’re setting out to slay.
At the moment, we’re waiting on the FCA (the UK’s financial regulator) for ‘full permission for consumer credit‘. That’s the license we need to lend money. Until we receive that license, we’re forbidden to discuss what we’re going to do in very much detail at all. We’re aiming to put Creditspring in the hands of the first paying customers in the first quarter of 2018, if everything goes to plan.
We recognise borrowing money can be a nightmare, and we’re going to make it better. We’re going to give people the credit they deserve, and that means making it simpler, safer and cheaper. It means never lending more than we think people can afford, making everything super clear and keeping our customers in control.
“Credit is broken”
In 2017, we surveyed thousands of people across the UK and the response was overwhelming. Borrowing money is much more complicated and expensive than it needs to be for an awful lot of people. All sources of credit, whether it be overdraft or credit cards, or even borrowing from friends and family, have serious limitations.
Most people found the choices they have to make around borrowing money were fraught with complications and risks. More than half of people we spoke to said they had negative experiences with credit, finding it stressful, expensive and risky.
The Creditspring Approach
Isn’t it time for a smarter form of credit? One that was simple and easy to use, which can reduce financial stress and kickstart a positive loop… Empowering people to improve their financial wellbeing and feel the benefits elsewhere.
It’s 2018. Can’t we construct something smarter that works for people and helps improve their lives, instead of the other way around?
Spoiler: Yes, we can.